Demonetisation: Irate over delay, UP customers confine bank staff in branch

On receiving information, a police team rushed to the Punjab National Bank branch in Miranpur town and freed the staff after breaking the lock

Illustration/ Ravi Jadhav
Illustration/ Ravi Jadhav

Muzaffarnagar: Staff of a bank’s branch were allegedly confined in their office by customers who alleged delay in withdrawal of cash in Miranpur town here, police said on Saturday.

The incident took place on Friday at a Punjab National Bank branch in Muzaffarnagar district. Some customers lock­ed the main door of the bank from outside, they said.

The customers were angry over alleged delay in withdrawal of cash, police said, adding on receiving information a police team rushed to the spot and freed the staff after breaking the lock.

A case has been registered against unidentified persons, police added.

Demonetisation not the way to target black money: Bank body

New Delhi: Demonetisation of Rs 500 and Rs 1,000 notes may turn out to be a “futile exercise” to target black money and counterfeit currency, says Bank Employees Federation of India (BEFI) General Secretary Pradip Biswas.

“The proportion of counterfeit notes is only 0.028 per cent of the total currency in circulation according to Indian Statistical Institute. And the proportion of black money in liquid cash is less than 10 per cent,” Biswas said.
“Demonetisation isn’t the way to target black money.”

Biswas said since over 86 per cent of the total physical currency is covered by Rs 500 and Rs 1,000 notes, taking them out of circulation without sufficient measures to quickly replace them will severely affect the economy.

Rs 2.22 lakh
Worth of fake Indian currency notes, including Rs 2,000 notes, seized near Hyderabad. Cops have detained six people

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